With instaDeel’s Mena startups news roundup, we will weekly explore recent business trends and announcements, and with MENA Startups News on 29th September, we got plenty of good news.
Despite the economic situation and the worldwide financial crisis, there is a lot of news to give your business hope that it will thrive and survive. This article will explore some of the most prominent MENA Startups News on 29th September 2022.
1- Morocco’s BMCE Capital launches $4.5 million fund to support local ecosystem
Morocco-based BMCE Capital Investment has launched a $4.5 million VC fund dedicated to financing Moroccan startups at the Seed stage. The BMCE VC is also expected to connect its portfolio startups to an extensive network of Moroccan and global investors.
Over the upcoming months, the fund is set to raise money from renowned Moroccan investors and key players in the economy to meet the targeted capital.
2- UAE’s Eat App raises $11 million Series B round
UAE-based restaurant reservations platform Eat App has closed an $11 million Series B round from MEVP, 500 Startups, Derayah VC, Dallah Albaraka, Ali Zaid Al Quraishi & Brothers Company, Rasameel Investment Company, with participation from existing investors.
The funds will be used to fuel Eat App’s global expansion and for product development.
3- LinkedIn reveals top UAE startups for 2022
LinkedIn has announced its annual ranking of the top 10 UAE-based startups that have demonstrated exceptional growth in the past year through the LinkedIn Top Startups List 2022, the list included ekar, Postpay, Pure Harvest Smart Farms, The Giving Movement, Right Farm, Tabby, Sarwa, Baraka, Opontia and Huspy.
The ranking was measured based on four pillars: employment growth, engagement with the company and its current employees, job interest, and attraction of top talent.
4- Egypt’s Partment raises $1.5 million pre-Seed round
Egypt-based proptech Partment has closed its pre-Seed round at $1.5million, led by Nclude, Plus Venture Capital (+VC), along with a group of angel investors. The new round will help Partment enhance the infrastructure of its platform, and deploy its MVP starting in Egypt.
5- Tabby partners with Paymob to offer BNPL to Egyptian retailers
UAE-based fintech Tabby has partnered with Egypt’s digital payment solution fintech Paymob to create a seamless buy now pay later (BNPL) solution for both in-store and online retailers.
Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants, where they can grow their average order value, conversion rate, and overall performance.
6- Mazaya raises a $5 million pre-Seed round
Egypt-based B2B marketplace Mazaya has closed a $5 million pre-Seed round led by Raya Trade & Distribution. This round will enable Mazaya to scale its operations in Egypt, expand into new markets, and potentially into other verticals.
7- Further Ventures launches $200 million fund
UAE-based investment firm Further has launched a $200 million fund dedicated to co-creating ventures focused on digital assets, fintech, and supply chain. The new fund is backed by ADQ, an Abu Dhabi-based investment and holding company.
Further will provide the participating founders with Seed and follow-on capital, talent sourcing, regulatory and legal help, product design, market-entry, and business development support.
8- Egypt’s InGame Sports raises pre-Seed round
Egypt-based gaming platform InGame Sports has raised over $1 million in cash, in-kind resources, and grants in a pre-Seed round led by Openner, with participation from Sports Radar and other Egyptian and foreign angel investors.
The new funding will fuel the startup’s expansion plans into multiple countries, as well as launch add-ons built on Web3 technology infrastructure and incorporate blockchain technology across its modules in the future.
So Congrats to all of them, and instaDeel is waiting for your good news to be published in our weekly roundup. Meanwhile, don’t forget to check our latest articles:
Lastly, if you missed last week’s news roundup, catch it up from here